Black money: India seeks Liechtenstein assistance

Under pressure to bring back the
black money stashed abroad, India has sought Liechtenstein
government`s help in taking action against those alleged to
have kept illicit wealth in a bank of the European country.

New Delhi: Under pressure to bring back the
black money stashed abroad, India has sought Liechtenstein
government`s help in taking action against those alleged to
have kept illicit wealth in a bank of the European country.

A spokesperson for the Liechtenstein government confirmed
that a request has been made by its Indian counterpart
for administrative assistance in relation to some Indian
clients of LGT Bank, based in the European country located
near Switzerland.

However, the Liechtenstein government is unlikely to
entertain India`s request in the absence of any bilateral tax
treaty between the two countries.

"But we are working towards the common goal of
establishing a treaty that enables us to exchange information
in the future, according to the international standards," the
government spokesperson said in reply to emailed queries.

The Indian government has been under tremendous pressure
to take action against those with stashed illicit wealth in
foreign banks located mostly in Switzerland and some other
European locations like Liechtenstein, where clients` details
are kept highly secretive.

Last year, Indian government is said to have got some
information from German government about certain Indians
having secret accounts in LGT Bank. The tax department here
has
reportedly also begun serving notices against these entities
for evasion of taxes.

The Indian government is believed to have sought help
from Liechtenstein government as part of its investigations
into possible tax evasion and other violations by the Indians
having accounts in LGT Bank.